SINGAPORE (Oct 25): Sin Heng Heavy Machinery, the lifting service provider, posted a nearly fivefold increase in 1Q17 earnings to $1.8 million from the same period a year ago.
(See also: Sin Heng Heavy Machinery’s 1Q earnings tumble 66% to $435,000)
Gross profit rose 19.7% to $6.1 million for the quarter, mainly due to higher gross profit generated from the trading business. This was partially offset by a 8.4% decline in gross profit from the equipment rental business.
Total revenue for 1Q17 was 32.3% higher at $37.7 million than in 1Q17, mainly due to 9.6% and 46% higher rental and trading revenue respectively.
In a Tuesday filing, the group says it expects the operating environment in the markets it operates to remain challenging.
Shares of Sin Heng Heavy Machinery closed 6.9% higher at 31 cents.
